Exide Unsecured Creditors Say Ch. 11 Plan Won't Fly

Law360, Wilmington (January 2, 2015, 7:33 PM EST) -- The unsecured creditors committee for bankrupt Exide Technologies Inc. blasted the battery maker’s disclosure statement Friday, arguing it describes a “patently unconfirmable” plan that was proposed in bad faith because the debtor only negotiated with certain secured noteholders who the committee claims will get all the company’s value.

In a motion before the Delaware bankruptcy court, the official committee of unsecured creditors said that going ahead and soliciting creditors on the plan would be a waste of time and resources and that it doesn’t take into account the value of certain assets such as the results of an investigation into how...

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